Eurazeo (RF) Q3 2026 earnings summary

Executive summary

• 9M AUM rose 8% YoY to €40.4bn, including third-party AUM growth of 13% to €31.5bn; total asset-management fees increased 8% to €338m.

• Fundraising reached €2.8bn; 31 new institutional LPs joined, and LPs outside France accounted for over 75% of institutional flows.

• Strategic priorities include scaling asset management, accelerating the asset-light transition, realizing portfolio investments and returning capital to shareholders.

Financial highlights

• 9M management fees rose 6% to €322m; third-party fees increased 14% to €247m, including private markets fees up 18%, while balance-sheet fees fell 13% to €75m.

• Total asset-management fees grew 8% to €338m; performance fees were €16m, up 58%, including third-party performance fees of €10m, up 24%.

• Realizations totaled €2.3bn, up 34% from €1.7bn; deployments were €3.5bn, down 8% YoY.

• Third-party fundraising was €2.8bn versus €3.2bn in 9M 2025.

Outlook and guidance

• FY 2026 fundraising is expected to exceed €4.5bn.

• 2026 balance-sheet realizations are expected to reach ~15% of prior-year-end NAV; 13% was completed or announced through 9M.

• Aroma-Zone is expected to close in Q4 2026, subject to customary regulatory approvals; acquisition financing is secured.

• Share buybacks are expected to continue in 2027, bringing cumulative buybacks to ~25% over the full program.

• €8bn of total commitments are available for deployment, including €1.8bn from the balance sheet.